| |  | | | Special Feature: Flood * Commercial General Liability * Workers' Compensation * Miscellaneous & Professional Liability * Life & Health * Insurance Laws & Statutes/Coverage Resources |
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| | The NFIP has promulgated a new rating program for all flood policies – Risk Rating 2.0. The goal is to modernize flood rating using technology and history to develop somewhat customized premiums. There are major changes, a new world to which those seasoned in flood rating must adjust! |
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| | When anyone is injured by an intoxicated individual, attorneys typically seek to suck in as many parties as possible to secure payment for the injured party. Liquor liability insurance is designed to defend the insured against charges of negligent conduct related to the service of alcohol; and to indemnify or pay on behalf of the insured if they are ultimately found legally liable for the injury or damage. |
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| | Nearly 40% of ISO’s general liability class codes are, what some call, “dagger” codes. All a “dagger” classification does is rearrange where the products and/or completed operations coverage is found. |
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| | Practice the insurance profession long and you begin to hear and learn various legal liability terms ranging from the basic ideas of “negligence” and “torts” to more specific concepts like “compensatory damages” and “superseding events.” Occasionally, though, we are still surprised by what the lawyers have created – weird legal theories that can’t possibly exist. |
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| | Why waivers of subrogation are requested is a question that results in blank stares and shoulder shrugs. Risk managers want them because they were in the previous contract their company entered into. Subcontractors further down the food chain request them because somebody else required it as a condition to being awarded the contract. Owners and general contractors insist on them because they feel they are buying protection at some level, perhaps believing it will prevent the employees of subcontractors from suing them for injuries received on the project. Nobody knows why they are required beyond, “We’ve always done it that way.” |
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| | When the work comp policy expires, it is time for the audit. As every agent knows, work comp premium is generally based on payroll; thus, the two most important questions are: 1) what remuneration is included in the audit; and 2) what remuneration is excluded from the audit? Of the two questions, knowing what payroll is excluded from the audit might be the more important information – as this is where most mistakes are made. This article lists the payroll inclusions and exclusions. |
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| | Endorsements serve to alter any policy; this is true of workers’ compensation policies. This is a schedule and description of many workers’ compensation forms and endorsements. |
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| | Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America. |
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| | Contractors’ Professional and Pollution Liability is the contractor’s coverage solution. Often referred to as either the Contractors Pollution and Professional Insurance, the Contractor’s Protective Professional Indemnity coverage, or simply “CPPI,” this multi-peril form specifically addresses and closes the majority of pollution and professional liability coverage gaps resulting from the limited breadth of protection provided by the CGL Coverage Part A. |
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| | You cannot assume the entity type you insured last year is the same entity type that exists this year. When insuring small businesses, you are fighting against several unseen entities – namely accountants and lawyers. These other professionals make changes to the small business without much thought to the problems these changes can cause your client’s insurance program. |
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| | As tough a sale as it is, life insurance can be sold. A far tougher sale is disability insurance. Most prospects do not understand statistically how likely they are to be disabled vs. deceased. This article provides some of those statistics, along with some coverage considerations! |
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| | Life insurance is purchased with consideration for others. An insured is not going to receive the policy proceeds. Family members are usually the designated recipients. Selecting the way to protect these benefits requires a great deal of consideration. |
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| | It may surprise a client to find that the company’s most valuable asset was not insured. This would be especially upsetting for an insured who felt that there was always needed coverage in effect. Property, liability and business income insurance were purchased to eliminate serious losses. What went wrong? Why wasn’t this possible major loss brought to their attention and why wasn’t it insured against? |
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| | You can download this Valued Policy State list for easy reference. |
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